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September 22, 2008

Dems seek changes to GOP bailout plan

Fighting as ever for middle-class families, Congressional Democrats are seeking key changes in the Bush administration's bailout for the financial industry. From the AP:

Judges could rewrite mortgages to lower bankrupt homeowners' monthly payments as part of changes congressional Democrats are seeking in the Bush administration's proposed $700 billion financial system bailout. Also, companies that unloaded their bad assets on the government in the massive rescue would have to limit their executives' pay packages and agree to revoke any bonuses awarded based on bogus claims, according to a draft of the plan obtained Monday by The Associated Press.

The proposal by Sen. Chris Dodd, D-Conn., the Banking Committee chairman, gives the government broad power to buy up virtually any kind of bad asset — including credit card debt or car loans — from any financial institution in the U.S. or abroad in order to stabilize markets.

But it would end the program at the end of next year, instead of creating the two-year-long initiative that the Bush administration has sought. And it would add layers of oversight, including an emergency board to keep an eye on the program with two congressional appointees, and a special inspector general appointed by the president.

More here. This is just one more example of how Democrats put Main Street before Wall Street.

Update, late Monday afternoon: It sounds like the White House will agree to some of the Democrats' demands. This truly is a situation where bipartisan support is needed.

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One of the points brought up early by news agencies but abandoned very quickly regards the CEOs through all of this....Are these bailouts also bailing out the golden parachutes for these thugs who run these corporations with such reckless endangerment? I heard a clip from McCain when he was questioned about it and he wouldn't even answer the question about it. That sure doesn't sound like a candidate who will hold people accountable to me.

I'm sorry but the democratic plan gives away a large chunk of any profit to Corrupt ACORN. They have already been found guilty on voter fraud, embezzlement, as well as being the creator of "NO DOWN PAYMENT loans.

How is that watching out for middle America? All profits, if any should go towards retiring the debt.

The democrats gave ACORN billions just this summer, the got billions during the spring.